I got into a bit of an online spat yesterday with a guy who took to Twitter to post lies and misinformation about electric vehicles (EVs).
Of course, this isn’t new.
This has been happening since the first Tesla Roadster hit the media streams.
There are literally thousands of people who to this day still want electric cars to fail.
This is quite bizarre when you look at just how fast the electric vehicle market has grown over the past 12 years.
In 2010, only 300 EVs were sold in the U.S.
Today, there are more than 2.6 million EVs on U.S. roads.
It's worth noting that it took close to eight years to go from 300 to 1 million but just two and half years for the second million. Estimates going forward indicate that the market will deliver at least 1 million electric vehicles per year starting in 2023.
By 2040, more than half of all new vehicles sold will be electric, according to Bloomberg analysts.
But none of that matters to those who continue to see vehicle electrification as some sort of threat to, well, I have no idea.
Just like every other technology we use today, that technology replaced an outdated one.
And if you don’t believe it, ask yourself why there’s no wall-mounted rotary phone in your kitchen nor a horse and buggy in your driveway.
The truth is while the internal combustion engine was easily one of the most important inventions of the past 200 years, vehicle electrification is proving to be the next logical evolution in transportation — and the data supports this assertion.
In less than 20 years, more than half of all vehicles sold will be electric.
In less than 20 years, nearly every new electric vehicle will come equipped with driving ranges exceeding 400 miles and charging stations capable of “refueling” your vehicle in roughly the same time it takes you to fill your gas tank today.
There will be no trade-offs compared with internal combustion vehicles either, and, quite frankly, by that time, few consumers will even want a vehicle that requires you to go to a gas station or get oil changes because those things will be relics of the past.
Hell, in less than 20 years, you might not even need to plug your electric vehicle into an outlet because it’ll run on electricity generated by integrated solar cells on the body of the vehicle.
I’m not kidding.
In fact, such a car exists today. Our analysts have traveled the world over, dedicated to finding the best and most profitable investments in the global energy markets. All you have to do to join our Energy and Capital investment community is sign up for the daily newsletter below.
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The company that’s building this vehicle is based in Europe and has already taken more than 22,000 pre-orders for this EV, which can deliver 70 miles’ worth of range just from electricity generated by the car’s solar cells.
And this is still very early in the game.
Some insiders believe that in less than three years, such a vehicle will be able to get 100 miles of range solely from the solar cells integrated into the EV itself.
And for the record, according to the Bureau of Transportation Statistics, the average driver in the U.S. only drives 29 miles per day.
Of course, EV critics will never accept that data point.
I have no idea.
All I know is that the transition away from internal combustion to vehicle electrification is happening, and, unless you hate money, you’d be a fool not to profit from it.
Look, back when Tesla (NASDAQ: TSLA) first went public, I told investors to buy it.
I told them that this was the first electric car manufacturer that would prove profitable.
I was right, and those who took my advice made an absolute fortune.
Of course, the big money on Tesla has already been made, but we’re still in the earliest stages of the electric vehicle revolution, and there’s still plenty of money to be made.
Personally, I’m very bullish on this new solar-powered electric car.
And to clarify, while it can run solely on electricity generated by its integrated solar cells, it can also be plugged into a charger, which will allow you to get about 200 additional miles, or roughly what most affordable electric cars on the market offer today.
What I really like about this company is that it’s now integrating solar power systems on electric buses, which, as I told you a couple weeks ago, offer the most bang for your buck when it comes to investing in electric vehicles.
Like I said then:
According to Bloomberg, the advance of electric buses will not only exceed the growth rate of electric passenger cars, but in almost all charging configurations, electric buses have a lower total cost of ownership than conventional municipal buses.
Globally, the electric bus market is expected to grow from 78,240 units in 2021 to 1,383,480 units by 2029, representing a CAGR of 43.2% (2022 to 2029).
This is a profit opportunity of epic proportions. If you invest in one electric vehicle stock today, this should be the one.
Bottom line: Whether you like it or not, electric vehicles ARE the future, so you might as well make a few bucks along the way.
Jeff is the founder and managing editor of Green Chip Stocks. For more on Jeff, go to his editor’s page.
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